We need to have agencies that can regulate corrupt and immoral businesses such as payday lending. This act will removing regulatory authority from the CFPB, giving payday lenders the ability to prey on low income and minority groups.
Debbie Wassermann Schultz should immediately withdraw her support from this bill or resign as head of the DNC.
Why is this important?
I have seen firsthand the impact of payday lending in my community. People end up paying interest rates 800% or more and trapped in a cycle of debt. If any elected official wants to claim to be for "the little guy", then they cannot support an industry that only survives by misleading and stealing from people least able to break the debt cycle.
